Debuting with their first single, "Happiness," in August 2014, Red Velvet celebrated their 9th anniversary this year. In the K-pop industry, a 7-year contract period is often referred to as the "curse," as it is limited by the Fair Trade Commission's standard contract terms.
Although Red Velvet has never officially confirmed a contract renewal, they have been active for over 7 years, indicating that they have broken the 7-year jinx.
However, as they approach their 10th year since debut, the time for contract renewals is approaching, and each member of Red Velvet is considering whether to remain loyal to their agency, SM Entertainment (hereafter 'SM'), or seek new opportunities. The first step was taken by Seulgi, who announced her contract renewal with SM last month.
The contract periods for Red Velvet members vary due to factors such as their year of joining SM and other issues. Additionally, in some cases, contract extensions may be negotiated before the original contract expires, so the contract periods for members of the same group can differ.
To continue promoting as a full group smoothly, all members must renew their contracts with SM. While it's possible to include clauses in their contracts to maintain group activities even if some members leave SM, this would require a strong bond and loyalty among the members.
In the case of Red Velvet, the situation is ambiguous. Leader Irene has not yet renewed her contract. Consequently, SM is unable to confirm the group's future activities, including albums, performances, and events.

Written by Lee Seung HunTranslated by Lee So Yun